Arun Jaitley initiates a step to solve NPA issue

Arun Jaitley, Union Finance Minister said on Monday that the Reserve Bank of India is in a process to prepare a list of defaulters that can repay the bad debts and recovery of the non-performing assets holding Public Sector Banks under Insolvency and Bankruptcy Code.

This essential step is pushed by the government to RBI to initiate a process that willhelp PSBs in recovery of their bad loans and reduce NPA problem

He said after meeting with heads of PSBs that, "Under the new ordinance issued, the RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the Insolvency and Bankruptcy Code (IBC) process. RBI is working on it and you will be shortly hearing about it.

Jaitley further comments although the issue of consolidation was not discussed in the meeting, it was actively considered by the committee. He declined to reveal any names involved in this process.

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